We’re in uncharted territory with this awful virus.
Understandably, many business owners are concerned about the future. Concern is natural but we must not let it slide into blind panic. Good business decisions are not made with a fuzzy brain in panic mode.
Let’s get through this, together.
Do not panic.
On 17 March the chancellor announced a £350bn package of loans and grants to support the economy.
£330bn in state-backed loans is being made available to businesses experiencing cash flow issues. In short, if you have shorter-term cash flow issues, we have options.
Those of you with an existing cash flow forecast will need to comb through it, revising it as necessary. This will identify the bumps in the road, giving us time to do something about it.
I’ve said many times before, as I’ve banged the cloud accounting drum, that you can’t do business in the dark. These times are “unprecedented” and never has it been more important to plan and pivot, as necessary, to survive.
If you’d like a free and simple template to do a cash flow forecast, just reach out (you don’t need to be a Flower client, this is about the greater good).
As well as the government-backed loans, I’m hearing that HMRC are offering little resistance with Time To Pay requests. Therefore, if you do have tax liabilities due imminently, I would recommend seeking advice before settling.
I’d also recommend that you review any insurance you have in place and seek advice on your cover.
Now is the time to cut costs, suspend unnecessary investment and preserve cash.
Do not panic!